MeritValue

Hamilton Lane INC

HLNEdata completeness 88%12 fiscal years on file

Data notes: no data for concept 'dilutedShares'

The thesis, from the filings

Hamilton Lane INC earns about 44% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$367.9M1$528.8M2$553.8M3$713M3$759M3
Net income$146M4$109.1M5$140.9M6$217.4M6$249.2M6
Operating cash flow$169.5M7$226.6M8$120.9M9$300.8M9$424.9M9
Capital expenditure$8.53M10$4.75M11$11.1M12$12.2M12$5.84M12
Free cash flow (derived)$161M7$221.8M8$109.8M9$288.7M9$419.1M9
Total debt$171.3M13$213.5M14$196.2M15$290.3M16$278.4M16
Cash & equivalents$76.2M17$116.6M18$119.6M18$283.6M18$371.9M18
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
44% avg · 5y
FY22 56%FY23 37%FY24 38%FY25 43%FY26 47%

It earned an average 44% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has risen 63% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0001433642-24-000064 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001433642-25-000052 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001433642-26-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-03-31 · accession 0001433642-24-000064 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0001433642-25-000052 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001433642-26-000019 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0001433642-24-000064 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0001433642-25-000052 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001433642-26-000019 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0001433642-24-000064 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-03-31 · accession 0001433642-25-000052 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-03-31 · accession 0001433642-26-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-03-31 · accession 0001433642-23-000051 (LongTermDebt)
  14. 10-K · period ending 2023-03-31 · accession 0001433642-24-000064 (LongTermDebt)
  15. 10-K · period ending 2024-03-31 · accession 0001433642-25-000052 (LongTermDebt)
  16. 10-K · period ending 2025-03-31 · accession 0001433642-26-000019 (LongTermDebt)
  17. 10-K · period ending 2022-03-31 · accession 0001433642-25-000052 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2023-03-31 · accession 0001433642-26-000019 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)